We got a call from a homeowner who fits the "distressed" description...beyond description...as does the agent who has the property listed currently. The property has been on the market for over 200 days...for less than is owed and is not listed as a short sale ...the homeowner says that the agent has not ever even mentioned, explained, discussed the definition of short sale with him...HUH ?
The property description and the comments to the agents in MLS make no mention of the property being a short sale....and oh surprise...it isn't priced like one either ! The agent is a discount agent...I am not picking on agents who choose to practice and offer less service for less money....that IS their choice...and the choice of homeowners who choose to list with them.
. HOWEVER.....ethically, morally....every other "LY" I can think of...SCREAMS....
KNOW WHAT YOU DON'T KNOW...
I am not one to say...always this and never that...and no one should....but think twice...we get that distressed (people who owe more than the market will pay) homeowners are looking for a way to minimize their losses...or maybe they believe that using a discount brokerage will "make them whole"...and they will be able to walk away with pocket change or at the very least break even....OH NOT ...at least not usually.
Every agent....regardless of their profile...full service...discount, minimum service....self service... deserves to be paid for what they do.
If an agent is listing or more/MOST importantly SHOULD /MUST list a home as a short sale because the market clearly dictates that the list price is less than is owed AND as importantly that the homeowner(s) qualify as short sale candidates....It is unlikely the agent has the education, experience and can't possibly be paid for the time it takes to list and successfully close a short sale.
Homeowners - If you are upside down and owe more than the market will pay for your home...Call a CDPE with Successful Short Sale Experience. IT COSTS YOU NOTHING !!
Call us...no matter where you are in the country...we will find someone qualified to short sale your home...the credit, the sleep, the stress you save WILL be your own...
Such words of wisdom! I can't believe the home is not listed as a short sale in the comments....are the clients who called you now expiring out and going with you, or is that harder to do in a short sale? How is David's health?
Will get the gory details this afternoon....yup I think they will expire it...they know this agent is taking them nowhere.....Thank you for asking about David...we are seeing my trusted cardiologist tomorrow...and per the suggestion of someone on AR...I think gall bladder MAY be a possibility...I have heard that the symptoms can appear "heart attackish"...we'll have to set a date for tipping a few !
I'm in CO, and I'm certified as a Foreclosure Intervention Specialist. I'm also a 5-Star Professional with the Default Servicing Institute (DS News) and an active member of the Colorado Foreclosure Prevention Task Force. I've been lobbying in my state to have SOME kind of specialized training required for Realtors who work in the short sale arena BECAUSE IT'S A CONSUMER PROTECTION ISSUE. Think about it: If a distressed homeowner lists with a Realtor who doesn't know how to accomplish a short sale, the clock ticks down and the foreclosure occurs. If you're the buyer's agent, and you find a home that's listed as a short sale, and when you talk to the listing Realtor, you can tell that the listor doesn't know what they're doing and can't get the job done, you're not going to be able to get to closing and your buyer isn't being served. We have a fiduciary responsibility as buyer's agents to show and write contracts on properties that we expect to close. We're not in this biz just to practice contract writing, right?
Right now, if a distressed homeowner goes to a HUD-certified housing counselor and it looks like there is no option except a short sale, the counselor tells them to find a Realtor. Well, there are a LOT of competent Realtors--but NOT a lot who specialize in short sales. I think that housing counselor is doing the homeowner a disservice by not recommending a Realtor who CAN GET THE SHORT SALE COMPLETED AND HELP THEM TO AVOID FORECLOSURE. As a side note, we ALL know there are "hungry Realtors" in today's market. If a distressed homeowner calls a Realtor and asks if the Realtor can help them short sale their property, how many hungry but inexperienced Realtors would jump at the listing? And what happens, then? Re-read the Code of Ethics, Article 11: we should "not undertake to provide specialized professional services concerning a type of property or service that is outside their field of competence...unless the facts are fully disclosed to the client". If a Realtor wants to provide short sale services, they should have demonstrated competency in completing short sales.
Applause Applause...standing ovation....3 cheers....now...that would have to mean that we school managers who tell agents to go ahead and list short sales "because we talked about it at a sales meeting for 10 minutes"....it starts at the top.....and works it way down to every agent, every day who doesn't know, should not do....and does it anyway....the consequences are to the seller...and the manager, the company who should be hand slapped, contract whipped and pig tied....are not...there are no consequences....and they have no incentive to change their behavior.